10 Tech Stocks to Sell Now According to Cathie Wood

2. Twilio Inc. (NYSE:TWLO)

Percentage of stake sold by ARK Invest in Q3: 100%

ARK Investment Management’s Q3 Stake Value: $0

Number of Hedge Fund Holders: 52

Headquartered in San Francisco, California, Twilio Inc. (NYSE:TWLO) is a prominent American communication technology company that offers programmable communication tools via web service APIs. Offering a wide variety of services through its cloud-based platform, the company provides voice, messaging, video, email, and more.

Analysts at Wolfe Research showed confidence in Twilio Inc. (NYSE:TWLO) on January 16, increasing the price target for the company’s shares from $140 to $150 while maintaining an Outperform rating on the stock. Wolfe cited a number of reasons for the positive assessment, including what the firm calls a “rare convergence of long-term secular tailwinds, positive quarterly checks, and an attractive financial set-up.” Moreover, the firm’s channel checks point to a very successful fourth quarter for Twilio Inc. (NYSE:TWLO), with strong results in core communications services, and more recent offerings like Branded Calling.

Twilio’s Q3 2024 revenue increased by 10% year-over-year to $1.13 billion, with its Communications segment accounting for a sizable $1.06 billion of that total. Additionally, the company’s non-GAAP income from operations rose to a record $182 million. In an effort to increase customer engagement, Twilio Inc. (NYSE:TWLO) has also launched a public beta release of Linked Audiences for Amazon Redshift. This led to Twilio’s segment in the AWS Marketplace to increase 35% year-over-year.